Pristine Lithium Corp. entered into a definitive agreement to acquire Three lithium brine projects in Saskatchewan from LithiumBank Resources Corp..
The Share Consideration, the Warrants and any underlying Buyer Shares issuable upon the exercise thereof will be subject to a voluntary hold period from the date of issuance and will be released in instalments in accordance with the Agreement, with the final release occurring on the 24-month anniversary of the closing date of the Transaction. The end of the voluntary hold period will coincide with the final share release.
Pristine Lithium will also complete a concurrent best efforts private placement at a price per security of at least CAD 0.30 for aggregate gross proceeds of not less than CAD 9 million. The Concurrent Financing will be conducted by Echelon Capital Markets, as lead agent and sole bookrunner, on behalf of a syndicate of agents. Further details regarding the Concurrent Financing will be announced in due course once final terms have been determined.
The closing of the Transaction is subject to certain customary closing conditions, which include a) the completion of the Concurrent Financing by Pristine Lithium; b) the receipt of applicable governmental or regulatory approvals, including the conditional approval of the TSX Venture Exchange (?TSXV?); and c) the receipt by the Buyer of conditional listing acceptance of the Buyer Shares on the TSXV. The Transaction is expected to be completed in the fall of 2023 with an outside date of January 2024.